Star Conference LONDON. 2015, October 5 th - October 6 th

Transcription

1 Star Conference LONDON 2015, October 5 th - October 6 th

2 BOLZONI AT A GLANCE 2

3 Our market and our customers Dealers of Lift Trucks & Material Handling Lift Truck Manufacturers - OEM Logistics 30% Material Handling 70% Lift Truck Manufacturers (OEM) End users (Logistics, Industrial, Large Retail companies) 3

4 Our product lines Lift tables 5% (*) Other revenues 5% Forks 7% 69,3 M First Half 2015 Lift truck attachments 83% (* ) Other Revenues: Rental business and Customer care 4

5 MAIN PRODUCTS 5

6 MAIN PRODUCTS 6

7 MAIN PRODUCTS 7

8 MAIN PRODUCTS 8

9 MAIN PRODUCTS 9

10 MAIN PRODUCTS 10

11 HISTORY 1945: Bolzoni SpA: founded in 1945 by Luigi and Livio Bolzoni for the production of agricultural machinery. 1950: In the early 50s Bolzoni entered the attachment world with a brick fork attachment and, subsequently, fork lift truck attachments became the core business. 1960: High focus on foreign markets. 1975: First branch in France. 1986: Bolzoni merged with the Teko company adding lifting tables and hand pallet trucks to its product range. 1991: Acquisition of Elman, the lift truck attachment company leader in Spain. 2001: Banca Intesa s subscription of 30%. 2001: Acquisition of Auramo in Finland, a worldwide specialized company in forest products handling attachments. 2002: Acquisition of Brudi in USA, a pioneer and market leader in palletless handling attachments worldwide. 2006: Bolzoni s listing on Italian Stock Exchange (STAR segment). 2006: Acquisition of Meyer (Germany production plant) : Investment in China: Bolzoni Huaxin for the lift truck fork production. Bolzoni Wuxi for the attachment production. 2014: New production plant in Auramo OY 11

12 Net sales trend % % 145,6 141,1 37,4 41,8 53,2 76,2 78,9 75,1 (1) (2) (3) 84,0 94,7 107,1 76,9 93,5 115,8 119,1 121,2 119,9 H , H (1) Includes (for 10 months) the acquisition of the Finnish company Auramo OY, a leading manufacturer of Lift Truck attachments (pulp & paper clamps) (2) Includes acquisition of Brudi (3) Sale of masts activity 12

13 Market trend AREA PEAK (n. of lift trucks; year) H annualized (*) 2015 vs PEAK Italy Y ,9% Germany Y ,4% WEST EUROPE(**) Y ,1% N. AMERICA Y ,2% CHINA Y ,4% ROW Y ,7% (*) H number of lift truck x 2 (**) Germany and Italy included 13

14 World market trend World 2014 World 2015 China 2014 China Jan Feb Mar Apr May Jun Jul Aug YEAR Jan Feb Mar Apr May Jun Jul Aug Jul- Aug '15 Jul- Aug ' vs World ,0% -4,0% World Country/month Jan Feb Mar Apr May Jun Jul Aug Jul- Aug '15 Jul- Aug ' vs China ,3% -15,2% China

15 World market trend WEST EUROPEAN MARKET West Europe 2015 West Europe 2014 N. AMERICAN MARKET N. America 2015 N. America Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug Country/month Jan Feb Mar Apr May Jun Jul Aug Jul- Aug '15 Jul- Aug ' vs West Europe ,1% 7,6% West Europe Country/month Jan Feb Mar Apr May Jun Jul Aug Jul- Aug '15 Jul- Aug ' vs N. America ,8% 7,1% N. America

16 THE BOLZONI GROUP Worldwide presence operating under the brands «Bolzoni Auramo» and «Meyer». Leading position in Europe. The second largest manufacturer worldwide. The second largest manufacturer in USA. Employs about 750 persons. Today Bolzoni has 7 manufacturing plants and 11 commercial plants. 16

17 Main production plants Italy Piacenza Finland m 2 Järvenpää m 2 Germany Salzgitter m 2 USA Homewood - Illinois m 2 China Longhua - Hebei District m 2 China Wuxi - Shanghai District m 2 17

18 Auramo OY: New production plant Plant based: Järvenpää. Location: 40 km from Helsinki Port, 25 km from Helsinki Airport. Starting production: August Land size: sqm. The new production plant in Järvenpää Building size: sqm. Type of agreement: Rental Capex in tangible assets : 3,8 M The first deliveries from Järvenpää 18

19 Key success factors Worldwide presence: 18 direct branches covering all continents. Distribution network: Bolzoni distributes its products through a network of more than 3,000 lift truck dealers worldwide. Specialized production plant: one product in one place. Quality of network: the worldwide commercial and after sales network to support the dealers. Innovation: state of the art of product and process innovation. Customer relationship: worldwide leader in the relationship with the OEMs. Company Years with Bolzoni Linde >15 Nacco M.H. S.p.A. >15 Jungheinrich AG / GmbH >15 Toyota Ind. Equipment 15 Nacco M.H. USA 14 OM Carrelli Elevatori 14 Mitsubishi 12 Nissan 12 19

20 Group structure Bolzoni Spa Italy Bolzoni Auramo Inc- USA 100% Bolzoni Italia Srl Italy 100% Auramo OY Finland 100% Meyer GmbH Germany 100% Bolzoni Auramo Shanghai China 60% Bolzoni Sarl France 100% Bolzoni Ltd UK 100% Auramo ZA South Africa 40% Meyer OOO Russia 80% Bolzoni Auramo Zoo Polska 60% Bolzoni Auramo SL Spain 100% Bolzoni Auramo Ltd Canada 100% Bolzoni Holding Hong Kong 80% Bolzoni Auramo BV Holland 51% Bolzoni Auramo AB Sweden 100% Bolzoni Auramo Pty Australia 100% Bolzoni Auramo Wuxi China 100% Bolzoni Huaxin China 80% Xin Huaxin China 20% Bolzoni Portugal Lda Portugal 31% Eurolift Pty Australia 100% 20

21 Net Sales Geographic Area breakdown North America: 16% Rest of the Europe: 58% Far East: 5% Italy: 13% 7 Manufacturing plants 11 Commercial branches 1 Financial Holding RoW: 8% 3 affiliated company. and more than 20 distributors(*) (*) Data source: Bolzoni Marketing dep. 1H

22 Specialized plants 22

23 Bolzoni positioning in the reference market Market Share Worldwide 9,3% 14,7% 25,3% 50,7% Cascade Bolzoni Kaup Other Market Share in Europe 25,5% 6,2% Cascade Bolzoni EUROPE Y 2006 Y 2014 % N. of lift trucks ,9% 40,0% 28,3% Kaup Other BOLZONI TURNOVER (M) 83,5 89,3 +6,9% Data source: Bain&Co (2006) 23

24 Year 2012: KION SUPPLIER OF THE YEAR award KION GROUP Turnover : Euro 4,3 billions in 2011 and about 22,000 employee European leading provider and second worldwide of forklifts, warehouse equipment and other industrial trucks With the brands Linde, STILL, Fenwick, OM, Baoli and Voltas, Kion is present in more than 100 countries, with more then worldwide suppliers Bolzoni has shown very strong willingness to improve in all aspects, thus becoming an active partner in our KIPS (Kion Group Improvement Process with Suppliers) program from day one. Very strong lean mindset, strong focus on internal cost reduction and improvement of quality and delivery service leading to extended long-term agreements between KION and Bolzoni. Understanding that joint improvement is not finished when the contract is signed but needs to continue exemplary attitude among KION suppliers. 24

25 BOLZONI IN CHINA 25

26 Lift trucks market volumes 2004 vs West Europe Volumes for lift trucks in the China market (*) North America have exceeded those of the North American and West EU markets combined; China CAGR : +14,8% (*) Data source: Bolzoni Marketing dep. 26

27 Rate of Adoption West Europe vs China West Europe Attachment Value for fork lift in Euro Euro x 7,7 China Euro 276 In China each lift truck is equipped with attachments for the amount of 276 compared to average of a European lift truck; so, in future, the potential rate of adoption in the attachment market could be almost 8 times the present. (*) Data source: Bolzoni Marketing dep. 27

28 Group structure in China Bolzoni Spa Headquarters Italy Tiger Technologies China 80% 20% Bolzoni Holding Hong Kong Huaxin Fork Co. Ltd China 100% 80% 20% 20% 80% Bolzoni Auramo Wuxi China 100% Bolzoni Huaxin China 80% (*) Xin Huaxin China 20% Lift truck attachments business Fork business (*)In July Bolzoni Huaxin stake passes from 60% to 80%. The cost of the purchase has been determined on the basis of the company s Equity value. 28

29 Lift truck fork plant Plant based in Longhua Town (Jing County, Hebei), 250 km south west from Beijing Start-up: June 2012 Land size: sq.m. Building size: sq.m. Production capacity: pcs per year in Y2015, up to pcs per year following plant modification Actual employees : approx 110 people Features: low costs, industrial district skilled in fork manufacturing, steel factories in the area, facilitated taxation in the first years of activity Total investment: 3,8 M, of which 1,8 M paid by Bolzoni Number of forks invoiced: about in H

30 Lift truck attachment plant Plant based in Wuxi, 160 km from Shanghai port Start-up: beginning of 2013 Land size: sq.m. Building size: sq.m. Production capacity: 20 M Actual employees: 110 employees. Features: lower costs respect to suburban area of Shanghai, good availability of technicians, favorable logistics, presence of suppliers in the area, facilitated taxation in the first years of activity Total investment: 8,5 M, of which 6,8 M paid by Bolzoni 30

31 BUSINESS PLAN 31

32 TOYOTA- CASCADE DEAL 22 October 2012: Toyota announced the agreement under which TICO intended acquiring Cascade for USD759 million Share Price: 65 USD, 23% premium 7,5 times the EbitDA 27 March 2013: Antitrust clearance 32

33 Net Sales Geographic Area breakdown North America: ROW and CHINA 15 % 30 % 11 % 18 % 74% 52 % Europe YEAR 2014 Business Plan 15% 11% EU 18% 74% USA ROW & CHINA 30% 52% 33

34 Turnover and Ebitda ,6% 14,20% 16,00% 14,00% 12,00% TURNOVER (K ) ,20% 10,00% 8,00% 6,00% 4,00% 20 2,00% - H Business Plan 0,00% EBITDA% Net Sales Ebitda margin 34

35 Net financial position and working capital ,01% 20,20% 24,00% 30 16,60% 19,00% NET DEBT (K ) ,00% 9,00% ,00% H Business Plan Net Debt Working capital/turnover -1,00% 35

36 FINANCIALS

37 Net sales breakdown: 2Q 2014 vs 2Q ,6% 35,3 3,6 3,6 29,0 4,8 6,0 +32,5% +65,7% +12,5% 21,8 24,5 Q Q EUROPE NORTH AMERICA REST OF THE WORLD 37

38 Net sales breakdown: vs ,5% 59,0 9,3 69,3 +21,1% +62,1% 7,7 6,9 11,1 +10,0% 44,5 48, EUROPE NORTH AMERICA REST OF THE WORLD 38

39 Consolidated income statement in Q Thousands of Euro Q Q % Var vs 2014 TURNOVER ,6% EBITDA ,0% EBITDA margin % 7,4% 11,2% EBIT ,1% EBIT margin % 2,3% 6,6% RESULT BEFORE TAXES ,0% margin % 1,6% 3,6% TURNOVER: +21,6 % YOY EBITDA stands at 11,2%, increased by 3,8 points from 2Q NET RESULT has been affected by a negative effect on exchange rates for 0,6 M GROUP RESULT AFTER TAXES ,5% margin % 0,8% 1,8% 39

40 Consolidated income statement at 30 th June Thousands of Euro % Var vs 2014 TURNOVER ,5% EBITDA ,7% EBITDA margin % 7,2% 10,6% EBIT ,2% EBIT margin % 2,2% 6,0% RESULT BEFORE TAXES ,6% margin % 1,1% 5,9% TURNOVER: +17,5 % YOY EBITDA stands at 10,6%, increased by 3,4 points from the first half of NET RESULT has been positively affected by a effect on exchange rates for 0,7 M. GROUP RESULT AFTER TAXES ,4% margin % 0,4% 4,1% 40

41 Consolidated cash flow statement Thousands of Euro NET DEBT (37.052) Net result Changes in reserves (169) Depreciation Changes in net working capital (561) - Inventories (1.912) - Trade receivables (3.075) - Trade payables Others Net capital expenditure (*) (2.848) FREE CASH FLOW Equity and third parties changes (**) Dividend distribution (1.021) NET DEBT (34.214) NET DEBT has passed from 37,1 M at to 34,2 M at This was mainly the result of the improvement in the Group s profitability. Cash flow from operating activities grew very significantly, up to 5,7 M against 2,6 M in the first half of Opposite, net debt has been absorbed by 1,0 M dividend distribution. (*) of which - 1,2 M of exchange rate effect (**) of which 1,1 M of exchange rate effect 41

42 Cash flow statement: bridge analysis Thousands of Euro Cash and cash equivalent Current portion of long term debts (24.714) (25.098) Net financial position - short term (20.648) (16.541) Non current portion of long term debts (16.404) (17.673) Net financial position - M/L term (16.404) (17.673) Net financial position (37.052) (34.214) 42

43 Working capital and other KPI Million % on net sales 26,1 26,7 18,4 18,1 21,1 24,5 26,5 25,9 27,7 30,2 28,2 17,90% 18,90% 24,00% 19,30% 18,20% 20,61% 20,10% 23,06% 21,74% 21,87% 20,20% Accounts payable turnover ratio at : 84 days vs 86 days at and vs 87 days at Accounts receivables turnover ratio at : 71 days vs 75 days at and vs 77 days at Inventory turnover ratio at : 69 days vs 71 days, at and vs 73 days at

44 Assets and liabilities Thousands of Euro Net fixed assets Net working capital Leaving indemnity and other reserves (4.685) (4.934) Net capital employed Net Equity Minority interest Net financial position Net Debt / Equity 0,92 0,78 44

45 SHAREHOLDERS STRUCTURE 45

46 Shareholders structure Market Segment: STAR MTA Reuters Code : BLZ IM Bloomberg Code: BLZ IM Specialist: Intermonte Auditing company: Deloitte Market cap (@ 21st September 2015): 90,19 M Number of shares: % var. since January 1 st, 2015: +27,11% Price per share (@ 30th September 2015): 3,47 (*) Shareholders are: Emilio Bolzoni, Franco Bolzoni, Paolo Mazzoni, Roberto Scotti, Pierluigi Magnelli 46

47 Market share trend 30/09/2015: Euro 3, ,6% 01/10/2012: Euro 1,50 +39,1% Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Bolzoni IT ALL SHARE 47

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